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Brazil's Cielo earnings beat estimates on strong volumes
May 6, 2014 / 11:01 PM / 3 years ago

Brazil's Cielo earnings beat estimates on strong volumes

SAO PAULO, May 6 (Reuters) - Cielo SA, Brazil’s largest card payment processor, said on Tuesday first-quarter earnings beat estimates after transaction volumes came in atypically high in what usually is a weak quarter.

The Barueri, Brazil-based company posted net income of 805.9 million reais ($361.3 million) in the first three months of the year, up 25.3 percent from the year-earlier period, according to a securities filing. A Reuters poll of five analysts predicted Cielo to earn an average profit of 737 million reais in the quarter.

$1 = 2.23 Brazilian reais Reporting by Guillermo Parra-Bernal; Editing by David Gregorio

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